KKR Real Estate Finance Trust Investor Presentation Deck

Case Studies: Watch List Loans (Risk Rating 5) Investment Loan Type Investment Date Collateral Loan Purpose Location Committed Amount Current Principal Amount Loan Basis Coupon Max Remaining Term (Yrs.) Loan Risk Rating (1) (2) Mountain View Office Floating-Rate Senior Loan July 2021 Five Class-A Office Buildings totaling 446k SF Acquisition Mountain View, CA $250 million (¹) $200 million $651 / SF + 3.4% 3.1 5 Minneapolis Office Floating-Rate Senior Loan (2) November 2017 Two Class-A Office Buildings totaling 1.1mm SF Refinance Minneapolis, MN $199 million (2) $194 million (2) $182 / SF +2.3% (²) 2.0(2) 5 Philadelphia Office Floating-Rate Senior Loan April 2019 Four Office Building Portfolio totaling 711k SF Acquisition Philadelphia, PA $177 million $155 million $216 / SF + 2.6% 0.1 5 The total whole loan is $363 million, co-originated and co-funded by KREF and a KKR affiliate. KREF's interest was 69% of the loan or $250 million In June 2023, KREF restructured the $194 million senior loan into a $120 million senior mortgage loan (fully funded) and a $79 million mezzanine note (with $5 million in unfunded commitment). The restructured senior loan earns a coupon rate of S+2.25% and the restructured mezzanine note earns a fixed 4.5% PIK interest rate. Post modification, the loan's maximum maturity is July 2025, assuming all extension options are exercised KREF 24

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